Prof. washington. Only | Business & Finance homework help
You can break down the decision-making process into four stages.
In order to move on with a solution, you must first identify and acknowledge that there is a problem. Understanding why I need to take a particular action will help me make the best decision.
The next step after identifying the problem, is to examine relevant data in relation to the current situation. By doing so you can better determine what factors need consideration during the evaluation stage.
After gathering sufficient information, it is possible to explore different options taking into consideration their suitability in a given situation and any costs/benefits associated with them.
4) Evaluation & Selection: This is where each option generated previously will be assessed and compared against one another based on criteria set so that most viable solution can then chosen and implemented accordingly.
5) Implementation & Monitor Progress: At this point strategies are put action through various means such restructuring operations or introducing new products/services etc. This stage is crucial to ensure there are no unexpected surprises. Regular monitoring systems must also be established in order to achieve the desired results while allowing for flexibility as circumstances change over time.
6) Final Review & Adjustment: The final phase includes assessing progress made towards achieving desired goals while also regularly evaluating if necessary adjustments are required with regards existing tactics being employed. It is important to ensure that the targets set are met, while leaving room for future modifications. This will help your organization remain ahead of competition.